Citigroup Stock News

Citigroup is cutting the number of year-end promotions it awards as it seeks to hold costs down amid a long-term restructuring to shrink headcount, the Financial Times reported on Tuesday.

U.S. bank Citigroup has received approval to establish its regional headquarters in Saudi Arabia's Riyadh, according to an internal memo seen by Reuters on Friday.

Citi is undergoing a turnaround, showing improvements in Services, Banking, and Wealth units, but USPB and Markets segments remain as laggards. Q3 FY24 results were mixed, with strong service and commercial banking earnings offset by rising credit costs and weak USPB performance. Shares appear fairly valued based on earnings, yet on an asset basis, the stock looks significantly undervalued.

Key Points Donald Trump's presidential win is being considered the biggest political comeback ever.

U.S. government agencies are reportedly investigating Citigroup's anti-money laundering (AML) policies and its ties to a sanctioned Russian official. The Department of Justice (DOJ), the FBI and the IRS are looking at the bank's work for a trust that holds assets owned by Russian billionaire Suleiman Abusaidovich Kerimov, Bloomberg reported Thursday (Nov. 14), citing unnamed sources.

Kerimov was sanctioned by the US in 2014 and 2018 in response to Russia's actions in Syria and Ukraine.

Citigroup is being probed by U.S. government agencies over its ties to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, Bloomberg News reported on Thursday, citing a person familiar with the matter.

Bridgewater Associates added shares of big banks to its portfolio in the third quarter, securities filings showed, ahead of a rally that followed Donald Trump's victory in the U.S. presidential election.